In Geopolitics Today: Thursday, August 25th
Israel and the United States Sign Cybersecurity Agreement, Qatar to Invest $3 Billion in Pakistan, and other stories.
Israel and the United States Sign Cybersecurity Agreement
Israel and the United States have signed an agreement for cyber-financial cooperation. An announcement by Israel’s Finance Ministry said the memorandum of understanding signed together with the US Department of Treasury will involve protecting critical financial infrastructure and emerging technologies as a way to strengthen the bilateral relationship.
The new agreement includes three main domains of cooperation. Firstly, the memorandum establishes information-sharing on cybersecurity regulations, incidents and threat intelligence between government agencies on both sides. Secondly, both governments will facilitate mutual staff training and the sharing of methodologies in order to strengthen the cyber resilience of financial institutions. Thirdly, the agreement covers competency-building activities, with the first joint drill expected to take place later this year.
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Qatar to Invest $3 Billion in Pakistan
Qatar's sovereign wealth fund will reportedly invest $3 billion in various sectors of Pakistan’s economy. Qatar's investment Pakistan's struggling economy could help Islamabad pay for essential imports amid rising global inflation. Doha's investments follow similar financial support from Saudi Arabia, as Pakistan enjoys strong relationships with countries in the Middle East.
Pakistan has already agreed to send troops to act as security in Doha for the FIFA World Cup. Pakistan's Prime Minister Shahbaz Sharif went on a two-day visit to Qatar to increase economic engagement between the two countries, and he is reportedly seeking a deal for liquefied natural gas (LNG) imports amid power cuts. Pakistan is a major importer of LNG from Qatar, and hopes incoming investment will stimulate investments in energy, airports, seaports and power plants.
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The US Approves a $3 Billion Arms Transfer to Ukraine
The United States is sending Ukraine a $3 billion arms package that signals a shift toward ensuring Ukraine’s medium-term survival against Russian forces. In a signal of support on Ukraine’s independence day, Washington announced the transfer of approximately $2.98 billion of weapons, equipment and training to Ukraines armed forces.
This transfer will come from the Ukraine Security Assistance Initiative passed in May and is aimed at securing Ukraine's medium-term defence posture. Some of the weapons, ammunition and equipment provided under this latest tranche will not reach Ukraine soon, and may not see the battlefield for 1-2 years. This longer-term commitment indicates a US interest in Ukraine's ability to continue resistance over the next few years.
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Venezuela Halts Oil Shipments To Europe
Member states of the European Union are quickly running out of alternatives to Russian energy. As an EU-wide oil ban approaches and gas pipelines operate at a reduced capacity, a potential alternative to Russian oil — Venezuela — has halted oil shipments to Europe.
Venezuela had restarted oil shipments to Europe after years of US-imposed sanctions prevented trading with the country. Under a deal that allowed Caracas to trade oil for debt relief, Venezuelan oil was once again being imported by EU member states. Now, Caracas has suspended those shipments, stating a lack of interest in oil-for-debt deals. Beyond the oil-for-debt deal, sanctions on Venezuela prevent Venezuelan oil to flow without incurring US sanctions. As a result, EU member states may soon be desperate for energy alternatives, which could lead to further rises in energy as a scramble to meet the EU’s new energy storage requirements intensifies.